TaxTMI 
TaxTMI 
2010 (8) TMI 442
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....M.IBRAHIM KALIFULLA The assessee is the appellant and the appellant seeks to raise the following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal is right in law in confirming the order of the Commissioner of Income Tax under Section 263 of the Income Tax Act? (2) Whether on the facts and in the ....
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....he premises of Shri.T.R.Pachamuthu. Nevertheless, with reference to a sum of Rs.6,87,77,922/- received by the assesseee from M/s Valliammai Society, there was no consideration in the order of assessment. In the said circumstances, invoking the revisional jurisdiction under Section 263 of the Income Tax Act, the Commissioner of Income Tax (Appeals) issued a show cause notice dated 20.09.2007 making....
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....pportunity of hearing to the assessee under the provisions of the Income Tax Act. 3. On further appeal by the assessee before the Tribunal, the Tribunal by relying upon the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. Vs CIT reported in 243 ITR 83 held that inasmuch as even before the Commissioner of Income Tax (Appeals) there was no explanation offered ....
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....ompletely omitted to deal with the receipt of a sum of Rs.6,87,77,922/- which was revealed from the CDs seized in the course of search held on 12.08.2004, certainly the order of the Assessing Authority was erroneous and consequently there was serious prejudice caused to the interest of the revenue. In such circumstances, when the Commissioner of Income Tax (Appeals) has only directed the Assessing....